Our source has exclusively obtained a letter from the Governor of the Central Bank of Libya regarding his instructions to banks and licensed exchange offices and companies. The directive authorizes banks to open foreign currency-denominated accounts for exchange offices and companies that have been granted operating licenses by the Central Bank of Libya to conduct their activities. These accounts will be funded with foreign currency by the Central Bank of Libya and any other sources approved by it.
The Governor also emphasized the necessity of adhering to the regulations and instructions issued by the Central Bank of Libya and the requirement to provide all necessary documents for opening accounts in accordance with the provisions of Circular Number (2009/13).
According to the letter, in addition to the operating license granted by the Central Bank to the company or office, banks may provide exchange companies and offices with Point of Sale (POS) devices to accept international cards, based on the strength of their open accounts for the purpose of purchasing foreign currency. Deductions from cards—whether local or foreign—will be made in Libyan dinar equivalent, and the deducted amount will be credited to their foreign currency accounts. There is also the possibility of using the deposited foreign currency in the accounts for companies such as MoneyGram and Western Union.
